China, Saudi Arabia should pay up to help the planet cope with climate change: Guilbeault
Environment Minister Steven Guilbeault has emphasized the importance of financial contributions from countries like China and Saudi Arabia to aid poorer nations in combating the severe impacts of climate change. As he prepares to attend the annual United Nations climate summit, COP29, in Azerbaijan, Guilbeault is focused on negotiating a new international target to secure the trillions of dollars necessary to address the challenges of a warming planet.
In a statement to CBC News, Guilbeault highlighted the need to establish a new target for the international climate finance fund, underscoring his intention to urge China, the world’s second-largest economy, to contribute significantly. He expressed concern about China’s status as one of the largest historical polluters and stressed the importance of their involvement in addressing climate change.
Despite facing criticism for his previous visit to China to participate in diplomatic discussions on climate change, Guilbeault acknowledged the country’s dual role in the global climate landscape. While China remains the largest emitter of greenhouse gases, it has also emerged as a leader in clean technology adoption, including solar panels, batteries, and electric vehicles.
In addition to China, Guilbeault is targeting oil and gas-producing nations like Saudi Arabia, emphasizing the need for financial contributions from wealthy countries to support climate mitigation efforts in developing nations. Saudi Arabia ranks among the top global emitters and is among the countries responsible for the majority of global greenhouse gas emissions.
The minister’s call for increased financial commitments comes as wealthy Western nations, including Canada, strive to fulfill earlier pledges to provide $100 billion annually in climate financing. While some progress has been made in meeting this goal, delays have eroded trust in international climate negotiations, prompting calls for renewed commitments from developed countries.
As Guilbeault prepares for COP29, discussions around establishing a new international climate finance target are underway. Estimates suggest that $2.4 trillion in climate finance is needed by 2030 to align with the Paris Agreement targets and sustainable development goals. Guilbeault emphasized the importance of leveraging private sector investments in addition to government contributions to meet these financial needs.
Canada has increased its international climate finance target to $5.3 billion over five years, focusing on initiatives to phase out coal and enhance early warning systems for extreme weather events. As countries gather at COP29 to address the urgent challenges of climate change, the focus remains on implementing the Paris Agreement and limiting global temperature increases to avoid catastrophic impacts on the planet.
